NPCI to develop UPI-like payments platform in Trinidad and Tobago

NPCI International Payments Limited (NIPL) has entered into a strategic partnership with the Ministry of Digital Transformation (MDT) of Trinidad and Tobago to develop a real-time payments platform similar to India’s ‘Unified Payments Interface’ (UPI).

The collaboration marks a significant milestone, making Trinidad and Tobago the first Caribbean nation to adopt the globally renowned UPI.

Empowering Trinidad and Tobago

According to NPCI, the strategic partnership aims to empower Trinidad and Tobago to establish a reliable and efficient real-time payments platform for both person-to-person (P2P) and person-to-merchant (P2M) transactions, expanding digital payments in the country and fostering financial inclusion.

The partnership will leverage technology and experiences from India’s UPI to assist Trinidad and Tobago in modernising its financial ecosystem.

This involves enhancing accessibility, affordability, and connectivity with domestic and international payment networks in the future and ensuring interoperability.

UPI's growth

UPI processed transactions worth Rs 80.8 lakh crore (Rs 80,80,775.18 crore) from April to July this year, with July alone recording the highest at Rs 20.6 lakh crore. UPI processed Rs 19.64 lakh crore worth of transactions in April, followed by Rs 20.44 lakh crore in May and Rs 20.07 lakh crore in June.

From January to July 2024, UPI processed a total of Rs 137.28 lakh crore (Rs 1,37,28,081.73 crore) worth of transactions, equivalent to approximately $1.636 trillion.

Last month, the renowned digital payment system registered nearly 15 billion transactions with an estimated value of $245 billion. 

Leadership comments

Ritesh Shukla, CEO of NPCI International, said, “Trinidad and Tobago is taking significant steps towards advancing its financial infrastructure, and we are proud to support them in building a secure, sovereign, and scalable payments platform. Our experience with UPI in India has demonstrated how real-time payments can transform economies by improving access to essential financial services and reducing reliance on cash. We look forward to working closely with the Ministry of Digital Transformation and the Central Bank in Trinidad and Tobago.”

Spokesperson of Ministry of Digital Transformation, Trinidad and Tobago, said, “It is with great anticipation that the Ministry of Digital Transformation and the Ministry of Finance embark on this significant engagement with NIPL to implement a digital payment system for Trinidad and Tobago. Fashioned on India’s UPI, the digital payment platform will facilitate innovation in the Fintech sector, enhance the technical resiliency of the current payment infrastructure by providing a complementary, non-competing digital payments platform with increased security through the reduced use of cash."

"Moreover, successful implementation will contribute to the financial inclusion of our unbanked citizens. We extend sincere thanks to the Central Bank of Trinidad and Tobago which continues to be a strategic partner and stakeholder in this important initiative. We look forward to the partnership with NPCI International as we actively seek to transform the existing payments landscape and establish a modern digital payments ecosystem," the spokesperson added.